Sonic's 3Q profit drops on slow sales

Shares in Sonic Corp. fell more than 8 percent Tuesday after the company reported a 35-percent dive in third-quarter profit amid slow sales at its 3,500-unit drive-in chain.
Sonic said Monday afternoon that net income for the May 31-ended quarter totaled $11.0 million, or 18 cents a share, compared with $16.8 million, or 27 cents a share, in the year-ago period. Revenue in the latest quarter declined 19.4 percent, to $145.9 million.
Systemwide same-store sales fell 6 percent in the third ...

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